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This paper distinguishes between cybersecurity risk ratings and risk quantification. Ratings offer a score based on security indicators but don't measure the likelihood and financial impact of cyber events. Risk quantification, however, provides a detailed financial assessment of cyber risks, aiding strategic decisions.

The text notes the limitations of risk ratings as part of a broader cyber risk management strategy. It emphasizes that risk quantification translates cyber threats into financial terms, aligning with business goals.

For insights on using risk quantification to enhance third-party risk management, consult the full paper.